Economics Test Study Guide
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| Self-Interest | Drives people to get the best job they can, to get the most for their money, and to earn the most profit in the business
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| Imports | Goods and services produced in one country and bought by people in another country. They are not part of our GDP
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| Competition | Keeps prices in line with the costs of production
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| Gross Domestic Product (GDP) | A measure of the success of a nation;s economy
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| Scarcity | We cannot have everything we want
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| Free Enterprise | Within legal limits, individuals are free to open businesses and to produce and sell the goods and services of their choice
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| Natural Resources | Things that occur naturally in nature that make production possible
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| Exports | Goods and services produced in one country and sold to people in other countries. They are part of our GDP.
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| Surplus | The amount by which quantity supplied is higher than the quantity demanded
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| Trade-Off | You must give up something if you want to get something
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| Worker | Someone that owns a business or works fro someone else, helps produce goods and services, and performs mental and physical work
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| Law of Supply | The principle that suppliers will normally offer more for sale at higher prices and less for sale at lower prices
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| Consumer | Someone who decides what goods and services to buy, then spends money on goods and services, and uses the goods and services
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| Saver | Someone that gives up buying goods/services now to buy them in the future, does not spend all of their income, and sometimes stores money in banks and receives interest
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| Private Property | Individuals and private businesses, not the government, own most land and capital goods
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| Limited Government | At a minimum, government is needed to define and enforce property rights and to provide some goods and services, such as national defense, that are not provided efficiently by markets
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| Citizen | Someone who pays taxes, obey laws, acts responsibly, always votes, and stays informed about issues and candidates
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| Goods | Tangible items that result from production
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| Supplements | Products that can replace one another
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| Complements | Products that are used or consumed in combination with one another
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| Capital Resources | The man-made physical resources
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| Services | Nonphysical results of production and must be consumed as soon as they are produced
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| Economics | The branch of knowledge concerned with the production, consumption, and transfer of wealth
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| Human Resources | The work effort, both physical and mental, expended in production
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| Supply | The various quantities of a good or service that producers are willing to sell at all market prices
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| Demand | The desire, willingness, and ability to buy and good or service
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| Law of Demand | The principle that states that quantity demanded and price move in opposite directions
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| Productive Resources | An input
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| Decision-Maker | Someone who determines all options in situations, considers important factors about each option, and makes makes choices
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| Shortage | The amount by which quantity demanded is higher than the quantity supplied
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| Price | Measure the exchange value of one good or service compared to another
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| Utility | The pleasure, usefulness, and satisfaction people get from using a product
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| Opportunity Cost | Whatever you give up
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| Market | Exists whenever buyers and sellers exchange goods and services
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| Income | Payments people receive for selling or renting the productive resources they own
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| Profit | The money a business receives for its products or services over and above its cost
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| Human Capital | The knowledge, skills, health, and values individuals possess
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| In a market economy, who/what sets prices
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| The freedom to make your own choices | What type of economy does the U.S. have today?
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| Scarcity | What is the basic economic problem?
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| Lower | What prices result in a shortage?
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| Rise | What prices result in a surplus?
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| The forces of supply and demand, not the government, determine prices. | System of markets and prices?
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| Ability to read, write, compute, play a sport, work in groups | Name one example of human capital that you have.
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| Practice to improve a skill you have, develop a new skill, finish high school, attend college | Name one way you can invest in a form of human capital that you have.
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| Sales Revenue-Cost of Production | How do you calculate profit?
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| Limited Government, Private Property, Free Enterprise, System of Markets and Prices, Competition, and Self-Interest | Name the 6 characteristics of a market economy.
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| Consumer Goods, Investment Goods, Government, Exports & Imports | Name the 4 components of GDP.
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| Price x Quantity Demand | How do you calculate sales revenue?
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| Apple, gold, wooden boards, truck, paper cup, bubble gum, television, | Name one example of a good.
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| Haircut, teaching students, collecting trash, fixing electrical wires, drycleaning, fixing a television | Name one example of a service.
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| They actually use GDP | How do economists measure the success of a country's economy?
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| ice cream & frozen yogurt, crayons & markers, bar soap & liquid soap | Name one example of supplements.
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| shampoo & conditioner, ice cream & ice cream cones, milk & chocolate syrup, hot gods & hot dog buns,baked potato & sour cream, roller blades & hockey sticks | Name one example of complements.
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